UGANDA: Land grabbing hits Kampala
The Landlord & Tenant Bill is aimed at forcing landlords to default on their debt obligations leading banks to foreclose on properties and landlords to sell on the cheap leading to a mega property grab in and around Kampala metropolitan area.
The authors of the bill in collusion with corrupt or ignorant MPs want to force an artificial property market crash through debt defaults.
If the bill is signed into law, the long term goal is to pave way for a mass property grab by a cabal with access to stolen public funds to buy off properties cheaply from distressed borrowers or foreclosed properties by banks.
As for the diaspora who collect their little money and send home to build rentals to maintain a piece of the Ugandan pie, those who borrow from Commercial Banks at 20-25% to build a nest, you certainly must be in for a rude awakening.
If the tenant has room not to pay rent for 6 months while using a property built on borrowed capital, the landlord won’t be able to pay the monthly loan premiums and after 3 months the banks should foreclose the properties with the tenant still left with 3months to leave unless the landlord has other sources of income.
Some laws just don’t make sense. And that is the way of life.
KWEGAMBA BAKADDOMA, BABALIGITA
—— AUTO – GENERATED; Published (Halifax Canada Time AST) on: July 01, 2019 at 11:13AM